Subtreasury (Noun)
Meaning
A subordinate treasury or place of deposit.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The city was designated as a subtreasury to collect and store the government's tax revenue.
- In 1836, President Andrew Jackson established an Independent Treasury System, with a network of subtreasuries around the country.
- Each state had its own subtreasury, where federal funds were deposited and disbursed.
- A subtreasury was set up in the old city hall to serve the growing financial needs of the community.
- During the 19th century, subtreasuries played a crucial role in the development of the US banking system.